New Car registered only in DH's name. Is that a problem?

[aprilgail2]

About the wills, I know we really should take the time and make one. But my question is, if one of us were to die wouldn't all of our things just go to the other spouse? If both of us were to pass, wouldn't everything just go to our boys. I guess since we weren't millionaires or anything I didn't think it was that big of a deal. Can anyone explain more why a will is necessary? If it makes any difference, we live in Arkansas which I do not believe is a community property state.

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If you both die at the same time that leaves your boys in a bad position...you could have 6 family members fighting for custody of them and of their money. You need to set up who you want them to go to should you both die and who you want handling their finances-preferably not the same people that get custody of them.

 

[Chattyaholic]

I never thought much about my name being on titles for the vehicles, house, etc. But then I heard about widows having trouble buying things because they had no credit. I decided I needed to establish my own credit, just in case (God forbid) something happened to DH and I was on my own. I have bought 2 vehicles on my own, and have credit cards in my own name. Just got a loan from our local bank in my own name and discovered my credit rating is 750.

You really, really should have a will drawn up. Even if all you own goes to your children, without a will it would have to go through probate and that would cost $$$ from your estate, $$$ that your children wouldn't get but could have had, if you had a will. And who do you want raising your children if something should happen to both of you? You can specify that in a will.

DH and I had a will drawn up (through a lawyer) when we just had our son, but we had it worded to say all our belongings/land, etc. would go to our son AND "any future children we may have." That way we wouldn't have to have it changed when we had more children. And we were able to say who we wanted to raise our children if something happened to us. It was definitely worth the time and trouble, just for the peace of mind.